FOR IMMEDIATE RELEASE
Contact: Keith Britt
Thompson & Co.
901/527-8000
or Andrew J. Groveman
Belz Enterprises
901/260-7278

Major Financial Services Company Relocates to Pembroke Square at Peabody Place

MEMPHIS, Tenn. (December 8, 1997) - The Equitable Life Assurance Society of the United States will open its new Mid-South headquarters Monday, December 15, 1997 as the company relocates to Pembroke Square at Peabody Place in Downtown Memphis. Due to tremendous growth over the past nine years, The Equitable has out-grown its current location in the Crescent Center at 6075 Poplar Ave., in East Memphis. The company is enlarging its office space from 8,000 square feet in the Crescent Center to 11,000 square feet at Pembroke Square.

After the relocation takes place, The Equitable will continue to maintain its 12 satellite offices located throughout the Memphis.

"We are a regional center that serves Arkansas, North Mississippi and West Tennessee and Peabody Place is a great strategic location for us," says John Murphy, general manager, Equitable Life Assurance Mid-South office. "I am convinced that Downtown Memphis is the place to be. The growth and vision for the future of downtown is remarkable. Memphis is truly a beautiful city and we are proud to be joining with others in recognizing what Downtown Memphis has to offer."

The Equitable is the first major tenant to move into the recently renovated Pembroke Square at 113 S. Main Street. Pembroke Square, the former Goldsmith's building, is surrounded by other historically significant buildings such as the Majestic Theater and The Gayoso Hotel as well as the new Tower at Peabody Place.

"We are thrilled to have a major financial services company such as The Equitable relocating to Peabody Place. Large corporations like The Equitable are aiding in the revitalization of Downtown by adding strength to the corporate base of downtown businesses," says Andrew J. Groveman, senior vice president of marketing and administration, Belz Enterprises.

The revitalization of Downtown is sparking a new trend for businesses to move back Downtown. The Equitable is joined by other businesses such as Belz Enterprises, JMGR Architects, Arthur Andersen, Progressive Capital, CB Commercial/Interstate Realty Corporation, Less Getz & Lipman and Harkavy Shainberg Kosten & Pinstein, which have also relocated to this new desirable urban district. Upon completion, the eight-block district of Peabody Place will offer an eclectic mix of retail, entertainment, restaurants, residential communities and businesses unique to the Memphis area.

The historic charm and architectural elements of Pembroke Square make it an attractive and distinctive location for major businesses and corporations to locate. The building stands five stories and comprises at total of 222,000 square feet of space. Pembroke features an Italinante architectural style with a limestone exterior and extensive carved moldings. The Italiante style is reflected in the buildings' dentil moldings, five bay windows that run across the front of the buildings and classical columns with ionic capitals.

The interior of the building has been modernized over time, but original features such as pressed metal ceilings and hardwood floors still exist. Pembroke Square offers retail and commercial space on the Main Street and Front Street level, office space on the east side of the building and apartment space on the west.

Belz Enterprises is a leading innovator in real estate development with interests throughout the South and much of the country. Belz develops, owns and manages over 25 million square feet of industrial/warehouse/distribution centers, shopping centers, office buildings, mixed-use centers and corporate campuses. The company also owns a group of premier hotels, including the Peabody Hotels in Memphis and Orlando.

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